Escrowboard, you can transact with confidence in the blockchain ecosystem. We have developed a user-friendly solution that simplifies the process and eliminates the need for intermediaries. By cutting out the middleman, we reduce costs and increase efficiency, ensuring a seamless experience for buyers and sellers.
What it does
Escrowboard is a secure and decentralized escrow Dapp for exchanging goods, assets, or services involving EVM chain-based assets. With our user-friendly solution, you can transact with trust in the blockchain ecosystem. Disputes are resolved by crowdsourced jurors incentivized by Escrowboard.
similarly to Upwork's escrow system and supports ERC20, custom tokens. It allows users to create escrows with an expiration time. Buyers can release payment at any time, while disputes can be reported to the admin for investigation and potential refunds before the expiration. Sellers also have the option to issue refunds. If no dispute or release occurs by the expiration time, sellers can claim the escrow funds.
How we built it
The escrow lifecycle and properties are as follows:
Escrow Creation: The buyer (first party) creates a new escrow, providing details such as title, description (optional), buyer address, and seller address.
Ether Amount and Division: The buyer includes the amount of Ether for the escrow, which is divided into the fee for the owner and the amount the seller will receive if no refund occurs. The buyer transfers the entered amount to the escrow from their account.
Expiration Time: The escrow has an expiration time that determines when it will expire. If the escrow is still in the initial state after expiration, the seller can claim the funds independently.
Awaiting Delivery: Initial status after creation, where the buyer can deliver funds, and the owner or seller can refund the buyer.
Completed: Status after the buyer delivers the funds, where no actions can be performed on the escrow.
Refunded: Status after the owner or seller refunds the buyer in the Awaiting Delivery state.
Claim after Expire: Status after the seller claims the funds if the escrow is still in Awaiting Delivery state after expiration.
Fund Distribution: When the buyer delivers the funds or the seller claims the funds after expiration, the escrow fee goes to the owner's wallet, and the actual amount goes to the seller. If a refund occurs, the entire amount (fee + escrow amount) is refunded to the buyer's wallet.
Actions: Actions like delivering funds, refunding, and claiming can only be performed in the Awaiting Delivery state.
Challenges we ran into
Challenges We Overcame: Building a Secure and Decentralized Escrow Solution
We tackled trust-building, smart contract complexity, dispute resolution, user experience, and EVM chain integration to create Escrowboard—a reliable platform for secure peer-to-peer transactions on the blockchain.
Accomplishments that we're proud of
We are proud to have built Escrowboard, a platform that revolutionizes secure and decentralized escrow services. Our accomplishments include establishing trust, simplifying smart contracts, implementing fair dispute resolution, enhancing user experience, and seamless EVM chain integration.
What we learned
Throughout our journey, one of the valuable lessons we learned was the importance of upgradable smart contract development. We recognized that technology evolves rapidly, and smart contracts need to adapt to changing circumstances
What's next for Escrow Board
Blockchain Integration: We will integrate with multiple blockchain networks for expanded asset support. User Experience & Partnerships: We aim to enhance the user experience and forge strategic partnerships to drive adoption and utility.